Diona Closes a US$5.5M Series A Funding Round
Diona a provider of innovative mobility solutions for the global Health & Human Services market, today announced it has closed a $5.5 million series A financing round. Backed by the Ulster Bank Diageo Venture Fund, managed by Investec Ventures with co investment from ACT Venture Capital, the new investment will be used to accelerate the company’s global expansion plans with a focus on employee growth and technology development.
Led by three former Cúram Software executives, Graham Stubbs, Anil Singaraju and John Polakowski, Díona improves the lives of citizens by helping Governments improve the efficiency and effectiveness of social program and service delivery. Díona develops vertical specific mobility solutions while supporting and implementing back end social program management technologies such as the IBM/Cúram SPM platform on a global basis.
“Diona’s experienced leadership team deeply understands the needs of today’s Governments as they seek to improve service delivery for citizens who increasingly rely on online and mobile channels for benefit and service access,” noted Michael Murphy, Managing Partner, Investec Ventures. “The team’s many years’ experience in the market is being applied to both extend Government reach and empower citizens using today’s mobile platforms.”
Goodbody Corporate Finance advised Díona on the successful fundraising. Director Don Harrington stated “Diona is a very attractive proposition to investors given its strong existing revenue stream, profitability, experienced management team, international presence and significant growth potential. The company has a very positive future as it continues to expand”.
“Diona works directly with Government agencies and indirectly through integrators and channel partners in the market to successfully deploy its mobility solutions,” said Graham Stubbs, CEO and co-founder of Díona. “We help Governments engage with citizens in an efficient way while providing case workers and service providers with productivity tools that free up resources to allow Government agencies to focus on more vulnerable citizens and families. The new funding will help us do that on a global scale much faster than alternate approaches.”
About Investec Ventures
Following the investment, Michael Murphy of Investec Ventures will join the Board of Díona Technologies. Investec Ventures is part of the Investec Group in Ireland, and manages a €75 million venture capital fund established under the Enterprise Ireland Venture Capital Programme. The Fund invests between €1m - €5 m in Irish companies across a range of sectors and stages of development and has, to date, invested in 17 companies.
Investec in Ireland, a member of the Investec Group, is a leading specialist bank and wealth and investment manager and is based in Harcourt Street, Dublin 2. The Investec Group is a leading international, specialist-banking group, with headquarters in Johannesburg, South Africa. The group was founded in 1974 and currently has approximately 8,000 employees with offices in 14 countries. Investec acquired NCB in 2012. Investec’s main activities in Ireland include wealth management (private client and institutional), Bonds, Corporate Finance, Venture Capital Investment and International Funds Listing.
Investec plc is quoted on the Johannesburg and London stock exchanges with a market capitalisation of circa £4.2bn as of 31 March 2013. Investec’s three principal areas of business worldwide are Specialist Banking, Wealth and Investment and Asset Management. For more information, visit www.investec.ie